NEW YORK: Copper prices were little changed on Wednesday, as investors awaited the Federal Reserve’s rate decision and cues from a planned meeting between US President Donald Trump and Chinese leader Xi Jinping.
Three-month copper on the London Metal Exchange eased 0.41 per cent to US$10,993 per metric ton by 0241 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged up 0.07 per cent to 87,750 yuan (US$12,319.25) a ton.
Investors are closely monitoring the Fed’s upcoming rate decision, with a 25-basis-point cut largely priced in, while attention is also on a potential Trump-Xi meeting on Thursday.
Copper has been supported by renewed supply-side issues in recent months, while the demand outlook has brightened in Europe on higher car sales, said analysts from ANZ.
On the supply front, global miner Anglo American posted a 9 per cent drop in copper production in the first nine months of the year, falling to 526,000 tons from 575,000 tons in 2024.
Still, the company expects to produce 690,000 tons to 750,000 tons of copper in 2025.
Elsewhere, major Peru copper producer Southern Copper announced that its US$1.8 billion Tia Maria mine project is 23 per cent complete, maintaining its 2027 target start date for production.
The project is expected to produce 120,000 metric tons of copper cathodes annually.
Copper stocks at LME-registered warehouses stood at 134,575 tons, the lowest since late July.
Among other London metals, aluminium was unchanged at US$2,889 a ton, nickel fell 0.33 per cent to US$15,245, lead dipped 0.27 per cent to US$2,020.5, tin lost 0.42 per cent to US$36,210, and zinc was down 0.18 per cent to US$3,052.5.
SHFE aluminium increased 0.02 per cent to 21,225 yuan, tin rose 0.27 per cent to 285,630 yuan, and zinc edged up 0.04 per cent to 22,380 yuan, while nickel dipped 0.36 per cent to 120,690 yuan, and lead eased 0.46 per cent to 17,345 yuan.
© New Straits Times Press (M) Bhd
